Oatly Group AB (Nasdaq: OTLY) reported this morning its financial statements for the quarter ending June 30, 2021, a month after receiving accusations of conducting shady accounting practices and greenwashing. The results highlighted a quarterly revenue of US$146.2 million, up from Q2 2020’s revenue of US$95.3 million.
The company relayed that the revenue increase can be attributed to additional supply coming from its existing production facilities. However, the gross margin for the quarter declined to 26.4 % from last year’s 32.3% primarily due to higher logistics expenses.
Sizable operating expenses for the quarter, particularly SG&A amounting to US$83.1 million, led to the company posting an operating loss of US$48.1 million. This figure is a decline from last year’s operating loss of US$4.3 million.
Corollary, the firm also widened its net losses to US$58.8 million this quarter from US$4.4 million for the same comparable period last year. The quarterly loss translates to US$0.11 per share.
Calibrating for financial items, adjusted EBITDA for the quarter came in at a loss of US$31.9 million compared to a US$1.2 million loss last year.
The company grew its cash and cash equivalents position with a quarter-end balance of US$524.2 million from a starting figure of US$105.4 million. The increase in cash is attributable to the US$1.0 billion inflow from proceeds of its recently concluded initial public offering in May 2021. The company’s current assets and current liabilities ended at US$1.0 billion and US$180.5 million, respectively.
This marks the first quarter financial results the oat drink company released after debuting on Nasdaq in May 2021. For the year 2021, the company expects its revenue to exceed US$690 million in total.
Oatly Group last traded at US$16.87 on the Nasdaq.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
